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UK economic growth rate revised down for Q2 and Q3

by ChemOrbis Editorial Team -
  • 23/12/2015 (18:28)
According to the latest revisions from the UK’s Office for National Statistics (ONS), the country’s economy grew at a slower pace than previously announced in the second and third quarters of 2015. The growth rate for the July-September period was revised down to 0.4% from an earlier estimate of 0.5% while the figure for the second quarter was revised down to 0.4% from 0.7%, witnessing a larger downgrade.

The UK’s annualized economic growth in the third quarter was also reduced to 1.8% from 1.9%. Weaker than anticipated financial sector growth was cited as the main reason behind the downward revisions. Analysts commented that slower growth figures will pressure the Bank of England to maintain interest at record low rates rather than follow the US Federal Reserve’s move to lift interest rates.
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